Metabolix, Inc. (Nasdaq: MBLX) shareholder litigation in connection with alleged securities fraud
Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of investors who purchased Metabolix, Inc. (“Metabolix” or the “Company”) (Nasdaq: MBLX) common stock between March 10, 2010 and January 12, 2012.
The Complaint alleges that during the Class Period, Metabolix and certain officers of the Company made materially false and misleading statements and omissions regarding Metabolix’s business and operations. Specifically, the Complaint alleges that Telles LLC, the Company’s joint venture with Archer-Daniels-Midland (ADM), would not meet its commercial phase benchmark by mid-2010 or even in 2011; this benchmark would have allowed Metabolix to receive royalty payments and payments from Telles services. Furthermore, the complaint alleges that Metabolix failed to acknowledge that its bioplastic known as Mirel was not a commercially viable product.
In a January 12, 2012 press release, Metabolix announced the termination of its joint venture with Telles, LLC. Upon this release, shares of Metabolix fell from a closing price of $5.99 on January 12, 2012 to a closing price of $2.54 the following day.
If you suffered a loss in Metabolix you have until April 17, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.